June 20, 2023
2 mins read

UK govt stops lower duty access for $1 bn exports

Goods such as bicycles exported from India are also expected to gain under DCTS, an industry source said…reports Asian Lite News

The UK’s new Developing Countries Trading Scheme (DCTS), which replaces the earlier preferential tariff regime from Monday, will see Indian goods worth $960 million lose concessional duty access. These include leather goods, carpets, certain textiles products, iron & steel products and chemicals.

India and Indonesia have seen products go out of the preferential duty regime as they are now on the ‘Standard Preferences’ list. But with India and the UK negotiating a free trade agreement (FTA), the exclusion of some of the goods may be temporary as the government is pushing for lower duty access for textiles and leather goods under the proposed treaty. “Several labour-intensive sectors are not part of the new scheme. Many of them will be part of the FTA,” an industry source said.

Products such as Indian leather will move to UK Global Tariff whose exports are seen to be “especially competitive”. Metals from India were seen to be “not as competitive” and will move to the “DCTS standard preference rate”, which means they retain some concession.

Goods such as bicycles exported from India are also expected to gain under DCTS, an industry source said.

In all, there are 19 chapters in the tariff schedule under which goods have been subjected to the “graduation” formula from India. The exact number of goods is not readily available.

The UK government has, however, said that the products that are in a customs warehouse or in transit will be allowed UK General Scheme of Preferences (GSP) benefits. The proof of origin certificate will, however, have to be approved before June 19, it said. DCTS replaces UK GSP and has seen several changes aimed at benefiting the least developed countries and the low income and vulnerable countries among the developing nations.

The British government said that several of the preferences have been redesigned in a way that poorer countries gain and coverage of the new scheme has been worked out to ensure that almost 85% of the goods coming from these parts of the world get preferential access to the UK instead of 80% under GSP.

ALSO READ-‘Rs 2000 notes withdrawal to boost macroeconomic parameters’

Previous Story

Modi leaves for his first State visit to US

Next Story

India, UK conclude 10th round of talks for trade deal

Latest from -Top News

Mass Afghan Expulsions from Iran

Between June 18 and June 26, a total of 88,308 undocumented Afghan nationals were forcibly returned from Iran to Afghanistan More than 88,000 undocumented Afghan migrants were deported from Iran in a

Mamdani’s win sparks surge in hate posts

There were at least 127 violent hate-related reports mentioning Mamdani or his campaign in the day after polls closed Anti-Muslim online posts targeting New York City mayoral candidate Zohran Mamdani have surged

NATO Turns to Indo-Pacific

NATO must adapt, not replicate. Engage the IP4, tailor ties with India, and align with Quad–EU efforts. For India: influence without compromise. For NATO: relevance without overreach….writes Vas Shenoy While the NATO

Rubio to host Quad partners in Washington

The July 1 meeting comes amid growing complexity in intra-Quad relations….reports Asian Lite News The United States will host a high-level Quad Foreign Ministers Meeting on July 1 in Washington, D.C., as

Miliband shuns £25bn renewable energy project

Whitehall sources say the government will emphasise a desire to focus on “homegrown” energy in a statement explaining its rejection of the Xlinks project The government is snubbing a £25bn renewable energy
Go toTop

Don't Miss

Junior doctors begin 3-day strike  in UK

Health secretary Victoria Atkins has said that if the strikes

Rishi in trouble as recession looms

The grim outlook for the year ahead puts the UK